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XAUUSD market technical outlook

Daily chart:

The bulls performed an engulfment of the bearish pinbar that allowed corrective swing of the structure to reach the pivot-zone 1756.11-1760.43. It’s a key area for the downward structure as it’s here we have the latest broken low and from where the bears, subsequently, will be trying to sell out the asset again (red arrow).

In case the price settles above the mentioned zone, the rate will grow by at least 20-25 dollars in direction 1784.68 (black arrow).

H1-chart:

Local bullish swing is completed within an unsteady upward structure. It’s an important premise for development of corrective decline of the quotes in direction of the pivot-zone 1737.52-1740.27, where the buyers might regain control (black trajectory).

Also we can’t rule out a scenario of deeper correction to 1729.37 (red arrow), where we can discern a demand area formed by the O&U pattern.

Conclusions:

Main scenario: Downward correction in direction 1737.52-1740.27.

Alternative scenario: Decline to 1729.37.

Trading recommendations:

  1. Shorts to 1740.27, 1737.52, 1729.37.

  2. Seeking probable buy signals at 1737.52-1740.27.

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